I wouldn't worry about it- it's certainly not the first Lovecraft-themed movie to have been made.
Just off the top of my head:
Dagon
The Dunwich Horror
Re-Animator (from Herbert West, Re-Animator)- which had a couple of sequels
The Case of Charles Dexter Ward (don't remember the name of the movie, but it's based on this story)
I want to say that there has been one based on Pickman's Model (though I'm not positive), and possibly a Shadow Over Innsmouth movie, too (different from Dagon- if not, though, SoI seems like a no-brainer for an adaptation.)
Heck, I'm looking at the Cthulhu trailer now and while I was expecting the black and white version, this looks like a modern take, so there are at least two different Call of Cthulhu movies that have been made.
(For that matter, this movie doesn't even look like anything like the story Call of Cthulhu- looks kind of like a Shadow Over Innsmouth adaptation mainly.)